02.26.16

Peters Statement on Small Business Administration Assistance to Flint Businesses

WASHINGTON, DC - U.S. Senator Gary Peters (MI), a member of the Senate Committee on Small Business and Entrepreneurship, released the following statement applauding an announcement from the U.S. Small Business Administration (SBA) that they will be providing additional resources to support Flint businesses affected by the water crisis. SBA Administrator Maria Contreras-Sweet was in Flint today to make the announcement.

“Many small businesses in Flint are facing a loss in revenue, and it is critical that swift assistance is provided so these firms can reinvest in their businesses and continue to create jobs in the community despite the water crisis. I applaud Administrator Contreras-Sweet’s announcement today and her commitment to helping Flint businesses weather this disaster. As a member of the Senate Committee on Small Business and Entrepreneurship, I am committed to ensuring that Michigan small businesses have the resources needed to compete and succeed.”

Last month, Peters, along with Senator Stabenow (MI) and Congressman Dan Kildee (MI), wrote to Governor Snyder urging him to request SBA disaster loans in response to the Flint water crisis. Earlier this month, the SBA quickly approved an Economic Injury Disaster Loan declaration to provide loans for businesses impacted by the Flint water crisis, and the SBA additionally opened a Flint Business Recovery Center to provide assistance. Under an Economic Injury Disaster Loan declaration, eligible businesses and non-profits are able to apply for up to $2 million in long term, low interest loans, depending on their circumstances. These loan proceeds can then be directed to working capital needs like making payroll or replacing inventories. Loan applications will be accepted through November 7, 2016.